Program Overview
The 2026 HomeBoost Down Payment Assistance program kicks off on July 8th and is designed to help first-generation, first-time homebuyers overcome financial barriers to homeownership. Eligible households can receive up to $25,000 to use toward a down payment, closing costs, and housing counseling fees.
Eligibility Criteria
To qualify for HomeBoost assistance, applicants must meet the following requirements:
- Be a first-generation and first-time homebuyer.
- Purchase a primary residence in Indiana.
- Have a household income at or below 120% of the Area Median Income (AMI) for the local area.
- Complete a pre-purchase homebuyer education course.
- Contribute a minimum of $500 toward the home purchase transaction.
- Additionally, the program prioritizes minority homebuyers and those who meet certain first-generation criteria, such as borrowers whose parents or legal guardians have never owned a home in the U.S., individuals who have aged out of foster care, or emancipated borrowers.
Application Process
- Contact State Bank
- Complete the HomeBoost Master Agreement and Registration Forms through State Bank.
- Submit required documentation, including:
- Executed purchase contract for the property.
- Proof of household income.
- Evidence of completion of pre-purchase homebuyer education.
- State Bank will then submit the request for HomeBoost funds on behalf of the applicant.
Funding and Availability
- The program operates on a first-come, first-served basis.
- Funding rounds are announced annually; for example, the 2026 round opens on July 8.
- Eligible households may receive assistance for down payment, closing costs, and counseling fees, up to the $25,000 limit.
Additional Notes
- Assistance is subject to credit approval and other program restrictions.
- HomeBoost funds are grants, not loans, so repayment is generally not required if program conditions are met.
- Applicants should contact State Bank for guidance and to confirm current program details and deadlines.